History of insurance and finance in Bangladesh
The history of insurance in Bangladesh dates back to the British colonial period when the first insurance company, the British India General Insurance Company, was established in Calcutta in 1850. However, insurance as an industry in Bangladesh began to take shape only after the country gained independence from Pakistan in 1971. In 1973, the government of Bangladesh nationalized the insurance industry and established two state-owned insurance companies, the Jibon Bima Corporation (JBC) for life insurance and the Sadharan Bima Corporation (SBC) for general insurance. The nationalization of the insurance industry was aimed at promoting greater access to insurance and protecting the interests of policyholders. Banking and Insurance In the 1980s and 1990s, the government initiated a series of reforms to liberalize the insurance sector and promote private sector participation. The reforms included the establishment of a regulat...